Which contract is fully performed by both parties and thus has no remaining obligations?

• A. Offer
• B. Implied-in-fact contract
• C. Implied contract
• D. Executed contract

Answer: (D)

An executed contract is fully performed by both parties, leaving no remaining obligations. In contract terms, once all promises have been carried out and consideration exchanged, the agreement is said to be executed. Before that, it’s generally executory, with duties still due from one or both sides. An offer is not a contract by itself; it’s only an invitation to form one upon acceptance. An implied-in-fact contract is formed by the parties’ actions showing mutual intent, and while it exists, it still involves performance. A quasi-contract (implied-in-law) is a legal remedy imposed to prevent unjust enrichment and is not based on a mutual agreement. Therefore, only the executed contract describes a situation with no remaining obligations.